Meta agrees to Pay $725 Million to Settle Cambridge Analytica Lawsuit

That after Facebook’s disclosure that it had collected the data from around 87 million users, the case was brought in 2018. According to the American technology newspaper The Verge, Facebook’s parent company Meta had agreed to pay $725 million (roughly  Rs. 5,990 crores) to resolve a class action lawsuit that claimed the corporation of sharing users’ personal data the with political consultancy firm Cambridge Analytica.

The legal firm representing the plaintiffs, Keller Rohrback, stated in a court filing late Thursday that its proposed Settlement of $725 million was “the highest recovery ever attained in such data privacy class action and most Facebook has ever paid to end a private class action.”

That after Facebook’s disclosure that it had collected the data of over 87 million users and given it to Cambridge Analytica, a political consulting firm affiliated with a 2016 campaign of US President Donald Trump, the case was brought in 2018.

According to reports, the firm utilized the information to profile voters and target political advertising.

According to the court document, “Facebook has significantly improved its capacity to regulate or monitor how third parties obtain and utilize Facebook user’s information.” Facebook has “meaningfully modified the practices that gave rise to Plaintiffs’ accusations.”

A Northern District in California court must still accept the proposed settlement because it makes no admission of guilt.

A representative for Meta told CNBC in response to the announcement, “Because a resolution is in the best interests of our neighborhood and our shareholders, we pursued one. We changed our approach to privacy during the past three years and put in place a thorough privacy program.

Since the 2018 debacle, Meta claims to have “meaningfully modified” its data-sharing policies and no longer gives third parties access to the same user data.